EnerNOC, Inc. (ENOC) Approves $50M Buyback Plan

EnerNOC, Inc. (NASDAQ: ENOC) announced that its Board of Directors has authorized the repurchase of up to $50 million of the Company's common stock over the next twelve months.

The Company expects to use approximately $30 million of the net proceeds of its recently announced convertible senior notes offering to repurchase shares of its common stock from purchasers of the notes in privately negotiated transactions effected through Morgan Stanley & Co. LLC, one of the initial purchasers in the notes offering, as the Company's agent concurrently with the closing of the offering of the notes. The Company expects the purchase price per share of its common stock repurchased in these transactions to equal the closing price per share of the Company's common stock on the date of the pricing of the offering. Additional purchases of common stock will be executed periodically on the open market as market and business conditions warrant.

The stock repurchase program may be suspended or discontinued at any time. The common stock repurchase program will remain in effect through August 8, 2015 unless terminated earlier by the Board of Directors.

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